§ 33.1-285.1. Reserve funds and appropriations
A. In connection with the Commonwealth of Virginia Transportation Contract Revenue Bonds, the Board may create and establish one or more special funds (herein referred to as "reserve funds"), and shall pay into each such reserve fund from bond proceeds and any moneys appropriated and made available by the Commonwealth for the purpose of such fund and from any other moneys which may be made available to the Board for the purpose of such fund from any other source or sources. All moneys held in any reserve fund shall be used, as required, solely for the payment of the principal and interest of Commonwealth of Virginia Transportation Contract Revenue Bonds.
B. In order to further ensure maintenance of the foregoing reserve fund, the Commonwealth Transportation Commissioner shall annually, on or before December 1, make and deliver to the Governor and Director of the Budget his certificate stating the sum, if any, required to restore each such reserve fund to the minimum reserve fund requirement for such fund as may be established by the Board. Within five days after the beginning of each session of the General Assembly, the Governor shall submit to the presiding officer of each house printed copies of a budget including the sum, if any, required to restore each such reserve fund to the minimum reserve fund requirement for such fund. All sums appropriated by the General Assembly for such restoration and paid shall be deposited by the Board in the applicable reserve fund and shall be deducted from amounts otherwise allocable pursuant to the highway allocation formula as provided by law, to the highway construction district in which the project or projects are located or to the county or counties in which the project or projects financed are located.
(1988, cc. 844, 903.)Sections: Previous 33.1-279.1 33.1-280 33.1-281 33.1-282 33.1-283 33.1-284 33.1-285 33.1-285.1 33.1-286 33.1-287 33.1-288 33.1-289 33.1-290 33.1-291 33.1-292 Next
Last modified: April 3, 2009